5 Benefits of Utilizing Purpose-Built Market Research Tools

In today’s competitive atmosphere, leading market research teams not only need to generate insights from quantitative surveys quickly and at scale, but also need to do the same when it comes to the qualitative side, unlocking the why behind the data. But with budget cuts, inflation, and lean teams, in-depth insights and unlocking the why can seem like a daunting task. How can research teams keep up? The answer: invest in market research tools and technology that’s purpose built and leverage generative AI.

With attitudes and buying behaviors changing faster than ever before, market research tools that do more than just track a customer satisfaction score, preference or NPS rating have become essential. The fact is, quantitative methods for ‘understanding’ customers (satisfaction, needs, etc.) have been around for decades, yet according to a recent NPR article, Press 1 for More Anger, Americans are Fed Up With Customer Service, more are unhappy with the customer service they’re getting than ever. In fact, the article highlighted some results from the 10th edition of the National Customer Rage Survey which showed that 74% of Americans say they’ve had product or service problems in the past year. The incidence of problems has more than doubled since 1976.

The end result is simple – organizations need to do a better job understanding, in-depth, the needs and wants of their customers. With the right market research tools, the potential to get this understanding and significantly reduce costs and time to insights for your business while increasing satisfaction and loyalty become much more attainable.

Here are five key benefits of utilizing market research tools that dig into the why:

1. Streamline Logistics for Conducting Qualitative Research
   Over 80% of insights teams’ time is spent on logistics: coordinating, editing, and analyzing conversations, when it should be spent on strategy and decision-making. With the Discuss People Experience Platform, you can skip the coordination. Discuss acts as an extension of your team, increasing speed-to-insights and helping you focus on the outcomes.
2. Democratize customer empathy
   Build a truly customer-centric organization with a single platform that makes consumer conversations easy, fast and effective. Leverage the Discuss platform to connect and empathize with your customers by centralizing the multiple tools and steps required to setup, execute, evaluate, and scale qualitative research.
3. Shorten Your Time to Insights
   Beyond conducting market research, analyzing the data can be incredibly time consuming. But shortening your time to insights doesn’t have to be chaotic and stressful. Not only can you use our People Experience Platform to capture experiences, but you can also take advantage of features that help you uncover key moments quickly and efficiently. Here are 3 simple steps to help you deliver insights faster and better.
4. Identify Market Opportunities
   Identifying market opportunities is one of the biggest benefits of using market research tools. The right tools can help you spot new or emerging markets, as well as consumer trends and preferences. This information can be used to both refine your current offerings or create new products or services that meet the needs of your consumers. These types of insights will have the most impact on your bottom line: sales and revenue.
5. Drive Decisions that Make a Demonstrable Difference
   By asking your target audience the right questions, you can generate insights to help you design products and services that serve the needs and wants of your customers. Market research tools help you take the guesswork out of making business decisions. You can make decisions about product development, pricing, and marketing, based on direct feedback from your target audience, which will improve your efficiency, profitability, and long-term success.

Whether you work for an agency or corporation, market research tools can give you a competitive edge. To learn how to make the business case to invest in market research tools, check out this article.